Katrina was a Category 3 storm when it hit land over LA, and it was a rather large storm in size. (The category of a storm only measures the wind speed). Wikipedia is saying it is the
6th strongest hurricane on record, with #1 and #4 also being taken up by 2005 storms. So far, Gustav isn't even near the top ten, and seems to be gaining less strength then expected so far.
Overall, I think between the better coordination of the evacuation efforts and general readyness of people after Katrina, this storm is going to have a much smaller impact on the area. I do wish everyone in the area luck, and feel free to let us know if you need any assistance.
This does still look really scary: